BAE Posts Huge Jump
In Year's Profit

By

Rod Stone

Updated Feb. 24, 2006 12:01 a.m. ET

LONDON -- BAE Systems PLC said its full-year net profit surged, driven by its core U.K. and U.S. defense business as well as its stake in Airbus.

The U.K. defense contractor, which owns 20% of commercial aircraft maker Airbus, said net profit soared to &pound;553 million ($964.2 million) in the year ended Dec. 31 from &pound;2 million a year earlier. The year-earlier figure was weighed down by a goodwill-impairment charge of...